Despite speculation of a pending explosion in the so-called real-estate bubble, Manhattan’s residential prices continue to hit record highs.

According to several surveys released yesterday by the city’s top real-estate companies, the average sales price of co-op and condominium apartments overall in Manhattan have risen by as much as 38 percent over the last 12 months.

Topping the chart was a 47 percent price hike for the Lower East Side and a 77 percent surge in Park Avenue apartments, to an average $3.77 million.

The overall luxury market – the upper 10 percent of all condo and co-op sales Manhattan-wide – showed a 36.4 percent increase, to a record $5.16 million, according to data compiled by the Miller Samuel appraisal company and released in a report by Prudential Douglas Elliman.

That’s the first time that figure has crossed the $5 million threshold.

Elliman’s survey also noted that the average price of all Manhattan apartments now stands at $1.32 million – up 30.4 percent from a year ago.

The report’s median price – which denotes the exact middle price between the borough’s high and low sales – rose 24 percent from $625,000 to $775,000. The average price per square foot posted a gain of 27.3 percent, to $970, according to Elliman.

“The average price can tell you a lot,” said Gregory Heym, the chief economist for Brown Harris Stevens and its sister company, Halstead Property. “It’s a broad indicator of what people are buying.

“The median numbers will show you what the whole market in its entirety is doing, because it won’t be skewed by the $50 million sale or $5,000 sale. Since the average and median sales are both up over 20 percent in our reports, it shows you that the whole market is moving higher.”

The Corcoran Group’s survey, meanwhile, showed their average sales price for condos and co-ops up 38 percent, to $1,255,000 – compared with $912,000 a year ago.

“We don’t see any signs of a slowdown,” said Corcoran CEO Pamela Liebman. “The only time we see a slowdown of any kind is when the sellers start overpricing.”

While there are few signs of a slowdown, some do see a little less exuberance in a market that continues to defy financial gravity.

“I don’t see the type of bidding wars that went on last year,” said Prudential Douglas Elliman CEO Dottie Herman. “People are a little more cautious these days.”

But most industry experts scoff at talk of a bubble that is on the verge of bursting.

“What’s driven the market’s upswing, including low interest rates, a low supply of inventory, and the tax advantages of home ownership, continues to be in place,” said Heym. “There’s been a rejuvenation of bubble talk lately. But my question is ‘Why would it go down?’ Something has to trigger it, and none of the fundamentals have changed.”